Woolwich mortgage to 'ease fears' over interest rates
www.moneynews.co.uk > Mortgages > Woolwich mortgage to 'ease fears' over interest rates
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Woolwich mortgage to 'ease fears' over interest rates
Mon 4th Jun 2007
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The group's new fix and track mortgage has been designed to be fixed at 5.39 per cent for a year, before reverting to a format which will see it track at 0.39 per cent above the base rate.
Enabling a loan-to-value rate of up to 80 per cent, the Woolwich mortgage can be taken on with an arrangement fee of £595.
The Woolwich mortgage is also exceptionally flexible, allowing customers to switch to another Woolwich fixed or capped-rate mortgage without incurring an early repayment charge.
Andy Gray, head of mortgages at the group, said: "The strength of this product is that the one-year fix will clip the wings of any further interest rate rise this year whilst allowing borrowers to take full advantage of any fall in interest rates next year with a very competitively priced lifetime tracker."
The group has also announced that it will be reducing the rate on its long-term fixed-rate mortgage to 5.57 per cent from 5.59 per cent.
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Related News : Woolwich |
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